Generational Equity Announces the Acquisition of Somay Products, Inc. by (NewCo) Somay Manufacturing, Inc.
DALLAS, June 23, 2015 /PRNewswire/ -- Generational Equity, a leading mergers and acquisitions advisor for privately-held, middle-market businesses, is pleased to announce the acquisition of its client, Somay Products, Inc., headquartered in Miami, Florida, by Somay Manufacturing, Inc., a newly formed Nevada Corporation. The acquisition closed on May 29, 2015.
Somay Products, Inc. (Somay) is a roof coating manufacturer started by a young entrepreneur who had moved to Miami from Ohio. In the early 1920s, they served as a distributor of raw materials used to make paints, and the company was known as Southern Manufacturer's Agency – thus the derivation of the name "Somay."
Southern Manufacturer's Agency and its related marketing company, Somay Products, Inc., were purchased in 1973 by a group of investors led by Garth R. Parker, who served as the company's second President. Over the years, Somay has grown as a roof coating manufacturer and developed into a pioneer and leader in the waterproofing and paint industry. Somay developed the first mass produced and mass marketed so-called "latex" paints, which are waterborne. And for many years, Somay's principal customer for these new products was Sears, Roebuck & Co.
In the late 1960s and early 1970s, Somay pioneered the use of newly available acrylic latex elastomeric resin systems to make easy to use roof and wall waterproofing coatings. Somay has an enviable reputation in the roof coating industry for manufacturing the finest available roof elastomeric waterproofing system, which it sells under its patented trademark name, Somay "ROOF MASTIC"®, Somay's largest selling, highest volume, and most widely distributed coating product, shipped all around the world. Now, after more than three-quarters of a century, Somay formulates, manufactures, sells, and distributes a full line of interior and exterior architectural paints, water proofing, and high performance coatings for residential and commercial use, as well as special purpose and government specification paints and coatings. Somay also serves as the exclusive South Florida distributor for high-performance industrial maintenance coatings manufactured by the Carboline Co. (a unit of RPM Company), Andek Corp., UT Technologies, Ltd., Sanchem, Inc., and Vandex. Somay's role as a stocking distributor enables them to offer a broader range of products to meet a diverse set of customer needs. To learn more, visit http://somay.com/.
According to George Knapp, former CEO of Somay, "Generational Equity through its marketing efforts was able to produce an extraordinarily high level of interest in Somay. This allowed us to select a bid which fit with our concept for the future of the company. We are pleased that under the new owners, Somay will continue to manufacture the same high quality products that led to its success for almost 90 years. This transaction puts our Company, our employees, and our legacy in good hands."
The transaction was led by Vice President Rebecca Gruman and Managing Director, Don Sawyer. Gruman stated, "We ran a very organized and structured process which brought several suitors to the table and helped us identify the right partner for Somay."
Somay was acquired by three entrepreneurs with experience in top-quality performance polymers, business investments, and acquisition opportunities, forming NewCo, Somay Manufacturing, Inc., a Nevada based company. Dario Echeverry, one of the purchasing partners, added, "We knew that the potential acquisition brought by Generational Equity would be an excellent opportunity, because they have always done their job professionally. They studied the Somay case and it fit perfectly for our projections. Our Group is very happy and we are starting to bring real synergies to the table."
About Generational Equity
Generational Equity provides mergers, acquisitions, strategic growth advisory services, and information for privately held and family-owned businesses to exit their companies successfully. Generational Equity uses a four-phase approach that includes education, financial analysis and reporting, sales documentation and deal-making ability to offer business owners an unparalleled level of commitment and experience, all focused on helping to release the generational equity and wealth in every business. Generational Equity is headquartered in Dallas, TX, has more than 200 professionals in North America, and was recently recognized by the M&A Advisor as the Valuation Firm of the Year. For more information visit the following websites at www.genequityco.com, www.gecpress.com or http://blog.genequityco.com/.
For more information:
Jessica Mead
972-232-1100
[email protected]
SOURCE Generational Equity
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